Forensic Analysis · General / Diversified · as of Nov 9, 2026
Ha Sustainable Infrastructure Capital, Inc. (HASI)
A forensic read on Ha Sustainable Infrastructure Capital, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Clean
Earnings quality
6
Forensic signals
7.3%
ROE
4.4%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Ha Sustainable Infrastructure Capital, Inc. earns a C (Mixed — selective) forensic quality grade. 6 forensic signals were flagged in its latest SEC filings, led by cash conversion.
What the filings flag
0.51×
FY2023–FY2025
Cash conversion.Over FY2023–FY2025, cumulative operating cash flow was 0.51× cumulative net income. Reported profit is not turning into cash. The shortfall is profit tied up in working capital rather than collected — the accrual and receivables lines below show where.Cash conversion: operating cash flow divided by net income, the share of profit that arrived as cash.
+12.4%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +26% over the last 2 years to FY2025 (+12.4%/yr). The count is growing — 109.5M shares in FY2023, 138.2M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~12.4% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~21%.
125% of OCF
FY2025
Shareholder returns.Returned $210M to shareholders (buybacks + dividends) in FY2025 — 125% of operating cash flow. Capex isn't disclosed for FY2025, so this is the ceiling on coverage, not the free-cash-flow payout; returns exceed even operating cash, so the extra is coming from debt or reserves.
+12.3%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +12.3% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building faster than is comfortable — part of profit is sitting in the balance sheet rather than turning to cash. A cash-flow measure on the same base disagrees: reported earnings ran in line with operating cash by 0% of net operating assets, against an accruals ratio of 12.3%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.Accruals ratio: the year-over-year change in net operating assets, relative to their own average.NOA (net operating assets): the money tied up in running the business, operating assets minus operating liabilities.
6.6%
FY2025
Return on invested capital.Return on invested capital is 6.6% in the latest fiscal year and slipping across FY2023–FY2025 from 13.8%. After-tax operating profit was $292M in FY2023 and $389M in FY2025. The capital base behind it cannot be compared across FY2023–FY2025: long-term debt is tagged in one of those two fiscal years and not the other, and an untagged line enters this calculation as zero, so any change in the base would be a change in what the filer tagged.
7% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 7% of revenue in FY2025 — about $0.22 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 12.4% a year across FY2023–FY2025, and the rate is falling. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
Key fundamentals
Latest Revenue$400.5M
Revenue Growth YoY+4.4%
Revenue CAGR (2yr)+11.9%
Net Margin46.1%
Return on Equity7.3%
Debt / Equity1.39x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Ha Sustainable Infrastructure Capital, Inc.'s actual 10-K/10-Q/8-K filings?